Insurance companies in Vietnam posted total insurance premium revenue of nearly VND117 trillion ($4.93 billion) in the first half of the year, down 1.6 per cent year-on-year, figures from the Ministry of Finance show.

Total insurance payouts reached over VND35.7 trillion ($1.5 billion), up 25.11 per cent year-on-year.

Insurance companies’ investment into the economy stood at over VND725 trillion ($30.6 billion), an increase of 14.76 per cent.

Earlier this year, the government approved a strategy to develop Vietnam’s insurance market by 2030. It sets a target of posting average growth in premium revenues of 15 per cent a year in the 2021-2025 period, contributing 3-3.3 per cent of GDP by 2025, and posting average growth of 10 per cent a year in the 2026-2030 period while contributing 3.3-3.5 per cent of GDP by 2030.